Characteristics of a Succesful Entrepreneur

Here are some of the characteristics of a Successful Entrepreneur taken from SME Tool Kit website to be considered :

Guts:

Guts refer to an entrepreneurial instinct, which is an overwhelming desire to have your own business. You must have guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have passion for your intended business. Life is too short to start a business that doesn't give you satisfaction and joy.

Brains:

While appropriate educational credentials are important, entrepreneurial "brains" means much more than scholastic achievements. To become a successful entrepreneur, you must have a working knowledge about the business that you plan to start before you begin.Common sense, combined with appropriate experience, is the necessary brainpower. Prudence, analytical and attention to details are very important.

Capital:

You will need seed money of your own, plus sufficient cash, to maintain a positive cash flow for at least the first year of your business. In future session, you will learn how to forecast future cash requirements through cash flow control. Many businesses can be set up on a very small scale with a small investment. Then, as the business grows and as you gain experience, cash flow from your business can be used for growth. In some cases, you don't even need starting capital to hire other people because you might start by doing everything yourself. The "do it yourself" strategy is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you would like to invest in your business.